Board approves debt restructuring plan, NCD issue up to Rs 1,000 crores
SADBHAV · price
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Sadbhav Engineering's board approved a debt restructuring plan under RBI's June 2019 framework to realign obligations with cashflows. Rs 890 crores fund-based debt to convert into NCDs: Rs 454 crores at 9 percent IRR and Rs 436 crores at 0.01 percent IRR. Difference in interest NPV on the second tranche will convert to equity post-implementation. Up to Rs 1,000 crores in unlisted secured NCDs to be issued privately to consortium lenders. Non-fund-based debt capped at Rs 610 crores.
Eases debt stress but equity dilution possible from interest-to-share conversion. Shares may react to restructuring terms.